Mathematics, 07.07.2020 06:01, kolin89

Penny received an unexpected $5,000.00 gift from a distant relative. She invests it in a mutual fund that increases the value of the original investment by 8% each year. In 15 years, Penny hopes to have $40,000 available to make a down payment on a house. How much would she need to invest right now in order to have enough for her down payment in 15 years?

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Penny received an unexpected $5,000.00 gift from a distant relative. She invests it in a mutual fund...